BLW unit 2

Question Answer
A promise that can be enforced in court contract
the four elements of a contract offer, acceptance, agreement, consideration
Illegal contracts are voidable
an example of an illegal contract is covenant not to compete
a court may reform restrictive covenants if they are too long as to duration and distance
a contract that can be undone or rescinded is a voidable contract
a court will imply a contract to prevent an unjust enrichment this is called quasi contract
if something is missing in a contract the person who fills in all the blanks is called reasonable person
the reasonable person will consider the objective behavior
this rule requires acceptance to be exactly like the offer mirror image rule
any counter offer is considered a rehection
offers ——- be revoked any time before acceptance can
consideration requires the exchange of legal value
an example of legal value is money, property, labor, promises, or forebearance
promises to exchange consideration must be made at the same time, therefore, if a buyer agrees to a new purchase price after the contract was formed, this seller______ enforce the new price cannot
since parties are free to conteact and make bad decisions, a court will not consider the_____ of the consideration adequacy
if there is shockingly ______________ a court might review the proces by which the parties entered the contract to determine if one of the parties lacked genuine consent inadequate consideration
an example of a time a party might lack genuine consent is fraud, duress, undue influence
a contract that is oppressively unfair as to the way the contract was entered into or the terms of the contract is called an unconsionable contract
an _________________ contract is a take it or leave it contract that is against public policy adheision
an _______________ requires one party to release another from liability exculpatory clause
a court will uphold a waiver or release from liability if it is for a _____ activity and is very visible voluntary
once parties have agreed to terms they cannot change the terms unless there are______________ beyond either parties' control unforseen dificulties
a promise to pay someone for a gift is not consideration
an ____________ _____ is a way to settle an unliquidated debt by offering less money accord and satisfaction
the doctrine of ____________ involves enforcing a promise that the injured person reasonably relied on promissary estopel
once the statute of ___________ has passed a creditor may no longer collect on a debt limitations
only __________ mistakes of material fact will enable either party to redcind the contract bilateral
fraud involves the misrepresentation of a ______ fact upon which the innocent party______________ relied material, reasonably
undue influence requires that party with the most power have a _______ duty to be loyal to thel other fiduciery
the five contracts that statute of frauds requires be in writing are transfer of land, sale of goods for $5oo or more, contracts that cannot be completed within a year, consideration of marriage, collateral or secondary
the UCC also requires that the writing include the _______ of goods being sold quanity
the ___ states that a court will look at the face of the contract to interpret it giving words their ordinary meaning UCC
a contract that is conplete and final without ambiguities or contradictions is said to be an _________ contract integrated
the reasonable person will interpret an incomplete or unclear contract by looking at ______ evidence this is also known as parol evidence extrinsic
____________ is the term used for common contract provisions boilerpoint
__________ is the most common form of discharge performance
____________ occurs when one party performs in good faith and the other party receives substantially the same benefits as expected under the contract substantial performance
if a party substantially performs the other party must _________ continue performing
the damages the non breaching partynay recover are often called ____ this puts the non breaching party in the position she would have been in had there been no breach benefit of the bargin
if a party breaches a contract the non breaching party may choose to rescind the contract and get______ restitution
____________ occurs when party a informs party b that she unepuivocally will not perform the contract in which case party b can immediately sue for damages anticipatory repudiation
if party a breaches a contract party b must _________ or reduce his damages to avoid additional loss mitigate
___________ is an event which is uncertain to occur and if it soes not the parties are discharged form the contract these may be implied condition
a substitution of one party for another in a contract is a novation
parties are discharged from a contract if some unforseen circumstances happens this is also known as unforeseen circumstances
damages in a breach of contract case are known as compensatory damages and are to give the non breaching party the benefit of bargin
if a seller refuses to deliver the non breaching party must try to buy the goods elsewhere and can then sue the seller for the difference between the purchase price and the market price
if a buyer wrongrully refuses the goods the non breaching party nist try and sell the goods elsewhere then and can the sue the buyer for the difference between the price received and the contract price
if a buyer wrongfully refuses the goods that the seller has not yet produced the seller can sue the buyer for his lost profit
if a buyer wrongfully refuses to pay for goods the seller can sue for_______ which requires the breaching party to return the goods restitution
a non breaching party can only get ______ also known as foreseeable damages if the breaching party had reason to know that special circumstances existed consequential
_____________ are a type of damages that compensates a party for minor expenses caused directly by a breach of contract incidental
__________ may be awarded to establisg that a breaching party acted wrongfully even though no financial loss resulted from the breach nomianl
contracting parties may agree to the amount of the damages either will pay if they breach thel contract this is known as liquidate damages